Skip navigation.
  BEO Logo   The knowledge that a pathway exists is one small step in the right direction.

Building Education Opportunities in Canadian Child Welfare Services is a resource designed to allow social workers, parents and young people access to post secondary education financial planning information. Every child from every walk of life deserves the choice to learn.

Registered Education Savings Plan (RESP)

  • warning: Creating default object from empty value in /home/cwlc/public_html/sites/all/modules/pathauto/pathauto.module on line 116.
  • : Function split() is deprecated in /home/cwlc/public_html/modules/filter/filter.module on line 895.
  • : Function split() is deprecated in /home/cwlc/public_html/modules/filter/filter.module on line 895.
  • : Function split() is deprecated in /home/cwlc/public_html/modules/filter/filter.module on line 895.
  • : Function split() is deprecated in /home/cwlc/public_html/modules/filter/filter.module on line 895.
  • : Function split() is deprecated in /home/cwlc/public_html/modules/filter/filter.module on line 895.
  • : Function split() is deprecated in /home/cwlc/public_html/modules/filter/filter.module on line 895.

What is an RESP?

An RESP is a special Government of Canada savings plan to help save for a child’s education after high school. The sooner savings begin the more the money will grow.

RESPs are registered with the government and savings can grow tax-free until a child enrolls in an apprenticeship program, trade school, college, university or CEGEP.

Why open an RESP?

Once an RESP is opened the government can add money to it through the Canada Education Savings Grant (CESG) and the Canada Learning Bond (CLB).

Who can open an RESP on behalf of a child?

Anyone, including a parent, grandparent, relative or friend can open an RESP for a child.

A child welfare organization can open an RESP for a child who is in care as a permanent ward.

The person or organization opening the RESP is called the subscriber and the child who will receive the money to help with school is called the beneficiary.

Where can an RESP be opened?

An RESP can be opened at most banks and credit unions, with group plan dealers or financial service providers. Organizations that offer RESPs are known as providers or promoters. You can consult Human Resources & Social Development Canada's website for a list of promoters who offer RESPs and which government grants they offer.

Does someone need a bank account to open an RESP

No. A person can open an RESP without having a bank account.

Want more information?

Visit CanLearn for details about education savings programs and tips on how to save. CanLearn also provides information about provincial and territorial government student assistance programs.

Or call toll free at 1 800 O CANADA (1-800-622-6232).
If you have a speech or hearing impairment, you can use the TTY number at 1-800-926-9105.